VKTX · 10-K filed 11 Feb 2026 · year to 31 Dec 2025

Viking Therapeutics

26 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Corden Pharma Colorado, Inc. (CordenPharma)

depends on · annual commitment to supply 100 million autoinjectors and an additional 100 million vial and syringe productsnamed as a risk

Moreover, if we encounter delays or difficulties in the scale-up of our manufacturing processes or our relationships with CordenPharma, this could delay the submission of product candidates for regulatory approval and also delay the market introduction and subsequent sales of any of our product candidates that receive regulatory approval, which would have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)

Contract research organizations (CROs)

depends onnamed as a risk

We have relied upon and plan to continue to rely upon third-party CROs, medical institutions, clinical investigators and contract laboratories to conduct studies and monitor and manage data for our licensed ongoing preclinical and clinical programs.Risk factors (Item 1A)

Also named by GILD

Partners and platforms

Ligand Pharmaceuticals Incorporated

depends on · up to an aggregate of approximately $1.54 billion in development, regulatory and sales milestonesnamed as a risk

Our business is substantially dependent upon technology licensed from Ligand.Risk factors (Item 1A)

Competitors

Eli Lilly and Company

competes withnamed as a risk

VK2735, if approved, will compete against therapies that are already approved and marketed for obesity, including Semaglutide (Wegovy®) and liraglutide (Saxenda®) from Novo Nordisk A/S, and tirzepatide (Zepbound®) from Eli Lilly and Company.Risk factors (Item 1A)

Also named by BIIB, INCY, UTHR

Amgen Inc.

competes withnamed as a risk

We are also aware of several programs targeting obesity that are in the late development stage that will compete against VK2735, if approved, including CagriSema from Novo Nordisk A/S, orforglipron and retatrutide from Eli Lilly and Company, survodutide (BI 456906) from Boehringer Ingelheim International GmbH, and MariTide from Amgen Inc., and ribupatide from Kailera Therapeutics.Risk factors (Item 1A)

Also named by ARWR, REGN

Novo Nordisk A/S

competes withnamed as a risk

Madrigal Pharmaceuticals, Inc.

competes withnamed as a risk

Resmetirom (Rezdiffra™), another agonist of the thyroid hormone receptor beta, or TRß, from Madrigal Pharmaceuticals, Inc., is the only therapy currently approved in the U.S. for the treatment of NASH/MASH.Risk factors (Item 1A)

Boehringer Ingelheim International GmbH

competes withnamed as a risk

bluebird bio, Inc.

competes withnamed as a risk

More recently, gene therapy has been shown to be effective in CALD, and elivaldogene autotemcel from bluebird bio, Inc., has received accelerated approval by the FDA (to slow the progression of neurologic dysfunction in boys 4-17 years of age with early, active CALD), and approval by the European Commission (for patients less than 18 years of age with early CALD without a matched sibling donor).Business (Item 1)

Places

China

operates innamed as a risk

As such, the lack of strong patent and other intellectual property protection in China may significantly increase our vulnerability regarding unauthorized disclosure or use of our intellectual property and undermine our competitive position.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Australia

operates innamed as a risk

One of our subsidiaries is located in Ireland and another is located in Australia and we may further expand our international operations.Risk factors (Item 1A)

Also named by AJG, ARWR, AXP, BF/B, BTU, CL, CSGP, CVX and 15 more

Ireland

operates innamed as a risk

One of our subsidiaries is located in Ireland and another is located in Australia and we may further expand our international operations.Risk factors (Item 1A)

Also named by AAPL, ACN, ADI, AGX, BEN, CDNS, CELH, COR and 13 more

European Union

subject tonamed as a risk

In some countries, particularly member states of the EU, the pricing of prescription pharmaceuticals is subject to governmental control.Risk factors (Item 1A)

Also named by ABBV, ADM, AVY, BA, DXCM, ENB, FPI, GEHC and 4 more

San Diego, California

operates innamed as a risk

Our corporate headquarters are located in greater San Diego, California, a region known for seismic activity.Risk factors (Item 1A)

Also named by ARWR, BDX, DOC, DXCM, HALO, ILMN

Hazards

Hurricanes

depends onnamed as a risk

In addition, one of our third-party manufacturers is located in the southeastern part of the United States, an area subject to hurricanes and related natural disasters.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Earthquakes

operates innamed as a risk

Our corporate headquarters are located in greater San Diego, California, a region known for seismic activity.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Commodities and inputs

Raw materials for drug manufacturing

depends onnamed as a risk

There are a limited number of suppliers for raw materials that we use to manufacture our drugs, and there may be a need to identify alternate suppliers to prevent a possible disruption of the manufacture of the materials necessary to produce our drug candidates for our clinical trials, and, if approved, ultimately for commercial sale.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

If funding for the FDA is reduced, if the FDA workforce is reduced, or if the current government shutdown continues, it could significantly impact the ability of the FDA to timely review and process our regulatory submissions, which could have a material adverse effect on our business.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

European Medicines Agency (EMA)

subject tonamed as a risk

Our drug candidates are subject to extensive regulation under the FDA, EMA or comparable foreign authorities, which can be costly and time consuming, cause unanticipated delays or prevent the receipt of the required approvals to commercialize our drug candidates.Risk factors (Item 1A)

Also named by GEHC, GILD, INCY, KRYS, MEDP, TMO, WST, ZTS

Laws and programs

EU General Data Protection Regulation (GDPR)

subject to · up to 4% of global revenues or €20 millionnamed as a risk

The GDPR increases our obligations with respect to clinical trials conducted in the EEA by expanding the definition of personal data to include coded data and requiring changes to informed consent practices and more detailed notices for clinical trial subjects and investigators.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

Medicare

earns fromnamed as a risk

If we are unable to show a significant benefit relative to existing generic drugs, Medicare, Medicaid and private payors may not be willing to provide reimbursement for our drugs, which would significantly reduce the likelihood of our products gaining market acceptance.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

Inflation Reduction Act (IRA)

subject tonamed as a risk

The current and future effects of the IRA on our business is not yet known.Business (Item 1)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

Medicare Part D

subject tonamed as a risk

Our business, financial condition and results of operations could be materially adversely affected if Part D prescription drug plans were to limit access to, or deny or limit reimbursement of, our drug candidates or other potential products.Risk factors (Item 1A)

Also named by ABBV, AMGN, BMY, CI, CNC, CVS, ELV, INCY and 5 more

Orphan Drug Act

subject tonamed as a risk

While we received orphan drug designation from the FDA for VK0214 for the treatment X-ALD in December 2016, we, or any future collaborators, may not be granted orphan drug designations for our product candidates in the U.S. or in other jurisdictions.Risk factors (Item 1A)

Also named by ARWR, IONS, KRYS, NBIX, PVLA, UTHR

Hatch-Waxman Amendments

subject tonamed as a risk

If we do not obtain additional protection under the Hatch-Waxman Amendments and similar foreign legislation extending the terms of our licensed patents and any future patents we may own, our business, financial condition and results of operations may be materially and adversely affected.Risk factors (Item 1A)

U.S. tariffs on imported pharmaceutical products

subject tonamed as a risk

A trade war or other governmental action related to tariffs or international trade agreements or policies has the potential to disrupt our research activities, affect our suppliers, increase the cost of materials purchased to manufacture our products, impact our ability to sell our products outside the United States or to sell our products outside the United States at competitive prices and/or to affect the United States or global economy or certain sectors thereof and, thus, could adversely impact our business and financial condition.Risk factors (Item 1A)